First of all, especially with somewhat less traded currencies, it is important that you always place a limit on both buy and sell orders. This way you are protected from nasty surprises, namely that the rate rises drastically when you buy, for example, so that you buy at a much more expensive price than you had actually planned. You can prevent this by placing a so-called limit order. However, it is at least as important to protect the stock position from too large losses. You can do this relatively easily by placing a so-called stop-loss order. This order ensures that an automatic sale of the currencies in the position will take place if the price XY, which you specify beforehand, is reached. How to use stop loss and limit orders correctly can be found in a separate guide. However, please note that some brokers have different types of stop loss orders, such as the normal stop loss order or the guaranteed stop loss.

Take stock at regular intervals

In order to trade forex successfully in the long run, it is very beneficial to learn from mistakes made in the past. To do this, it is necessary to take stock at regular intervals and look at which trades you have made profits or suffered losses with. Sometimes it can be useful to draw the consequences, for example, to invest in another currency or to use a different trading strategy. So it is important that you regularly review both success and failure and analyze mistakes.

Never count on regular success

Especially on the Internet, there are numerous dubious promotional videos that suggest that you could achieve a permanent success with forex trading, which virtually manifests itself as a regular income. We consider this assumption to be extremely dangerous, so you should not make the mistake of calculating profits from forex trading in the form of a regular income. While it is certainly possible to achieve regular success with Forex trading, there is never a guarantee. Even the best and most professional trader never knows with a hundred percent certainty how the rates will behave. For more specific information on how to achieve lasting success in Forex trading with https://thaiexness20.com/, we recommend reading Success in Forex Trading.

Basically, you should not make the mistake of overestimating the positive effects of copy trading. Of course, statistically speaking, professional traders are more likely to make bigger profits and suffer fewer losses than beginners. Nevertheless, there are no guarantees in social trading or copy trading, because even experienced and professional traders naturally have some trades through which a loss is booked. If then the margin or invested capital of the beginner is already used up by the loss, a total loss arises in this case. This total loss risk also exists under the condition that one follows a professional trader via copy trading.